Eight Canberra Tabcorp properties sell at JLL auction for $6,171,500 total

Eight properties in Canberra belonging to betting company Tabcorp have sold at auction for a total value of $6,171,500.

The selling agents were JLL’s Michael Heather and Greg Lyons and the auction was on November 26.

Three properties were offered with a new initial seven-year lease term to Tabcorp with 2 x 5 year options. The

remaining five properties were sold as vacant possession.

The three leased properties were sold for a price range of $800,000 to $1,120,000 and reflected initial yields of between 4.71% - 5.29%.

The five vacant properties were sold for a price range of $590,000 to $741,500 and reflected sales values from $5,224 - $7,234 per square metre.

“The strong yields achieved for the leased properties exceeded market expectations and is reflective of the yield compression trend that has been experienced in other markets around Australia,” Heather said.

The eight properties were:

20 Brierly Street, Weston sold for $1,120,000. The initial yield reflects 4.78% on a passing net income of $53,491 per annum.

30 Denigan Street, Wanniassa sold for $950,000. The initial yield reflects 5.29% on a passing net income of $50,252 per annum.

99-103 Georgina Crescent, Kaleen sold for $800,000. The initial yield reflects 4.71% on a passing net income of $37,677 per annum.

56 Hawker Place, Hawker sold for $670,000, reflecting a capital value of $5,781 per square metre.

1-3 Primmer Court, Kambah sold for $741,500, a capital value of $7,234 per square metre.

23 Charnwood Place, Charnwood sold for $600,000, or a sales value of $5,545 per square metre.

55 Curtin Place, Curtin sold for $700,000, or a sales value of $5,224 per square metre.

71 Mawson Place, Mawson sold for $590,000, with a capital value of $6,556 per square metre.